Google's Nest to buy Dropcam for $555 mln - report

Sat Jun 21, 2014 8:51am IST

A Google logo is seen at the garage where the company was founded on Google's 15th anniversary in Menlo Park, California September 26, 2013. REUTERS/Stephen Lam/Files

A Google logo is seen at the garage where the company was founded on Google's 15th anniversary in Menlo Park, California September 26, 2013.

Credit: Reuters/Stephen Lam/Files

Related Topics

(Reuters) - Google Inc's Nest Labs will buy home-monitoring camera startup Dropcam for about $555 million in cash, technology blog Re/code reported on Friday, taking another step deeper into consumers' homes.

Nest and Dropcam confirmed the acquisition in separate blog posts on Friday, but did not specify the price tag. Google declined to comment.

Google is increasingly expanding into new markets, with efforts ranging from high-speed Internet access to advanced research on self-driving cars and robotics.

It bought Nest, which makes smart thermostat and smoke alarms, this year for $3.2 billion, the Internet firm's second-largest ever acquisition.

The deal was touted as a foray into the fast-growing "smart" home automation market, at a time consumer appliances and Internet services are merging. But it also raised concerns about the privacy implications for Google, which already collects rafts of data about users' online habits.

Dropcam, which lets users monitor homes and offices via its camera hardware and software, will adopt Nest's privacy policy after the acquisition, the latter company said in its blog post. That means data will not be shared with any other firm, including Google, without a user's permission, it said.

Dropcam's backers include Kleiner Perkins Caufield & Byers, Accel Partners and Menlo Ventures.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Alibaba IPO

Reuters Showcase

New iPhones

New iPhones

Apple faithful line up for latest, larger iPhones  Full Article 

Ellison Quits

Ellison Quits

Oracle's Ellison steps aside, co-CEOs Catz and Hurd take over.  Full Article 

Cutting Jobs

Cutting Jobs

Microsoft lays off 2,100 as part of earlier job cut plan.  Full Article 

Protecting Internet

Protecting Internet

Russia eyes measures to fend off Western Internet threat - Kremlin  Full Article 

Deal Talk

Deal Talk

SAP agrees to buy expense software maker Concur for $7.3 bln  Full Article 

Banking on PlayStation

Banking on PlayStation

Sony hopes for PlayStation profit boost as smartphones struggle.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage